Jersey-based global institutional and private client service provider JTC has released its financial results for 2022.

JTC has recently announced a strong set of annual results for 2022, achieving revenues of £200 million ($249 million) for the first time.

The firm said it reported a 35.6 per cent increase in total revenue to £200 million as well as a strong underlying EBITDA margin of 33 per cent.

This rise in revenue was achieved through the demand for JTC’s services, shown by a rise in net organic growth of 12 per cent and a record value of new business wins over the year of £24.6 million, the firm added in a statement.

Merger and acquisition activity also continued to support growth. Seven businesses, which were bought in 2021, were integrated over the course of 2022, bolstered by the acquisition of the New York Private Trust Company last year.

At a sector level, the performance was strong across both divisions of the group. Institutional Clients Services reported revenue up 47.4 per cent and Private Client Services reported revenue up 15.7 per cent, whilst there was strong growth in the US market where JTC said it has expanded both its ICS and PCS proposition.

Overall, the results put JTC two years ahead of schedule in realising its ‘Galaxy Era’ objective to double the size of the business, which was benchmarked against its 2020 performance, the firm continued.

The total dividend per share for 2022 is 9.98 pence, an increase of 30.1 per cent, compared with the previous year.

Nigel Le Quesne, CEO of JTC, said: “2022 was arguably our best year ever in my 30 years at JTC. We reached the £200 million revenue milestone, generated 12.0 per cent net organic revenue growth, secured record new business wins of £24.6 million and delivered an underlying EBITDA margin of 33.0 per cent.” 

“All of this was achieved while integrating a record seven acquisitions from 2021 onto our global platform, completing the strategically important NYPTC deal at an attractive multiple in Q4 and reducing our leverage to 1.59x underlying EBITDA,” he added. 

“The group has once again extended its 35-year track record of profitable growth and carries strong momentum into 2023. We expect to exceed our guidance for organic growth and maintain a healthy pipeline of acquisition opportunities. Thanks to the outstanding efforts of our global team of employee-owners, we are on course to deliver our Galaxy era business some two years earlier than anticipated,” he said.